The Takaful industry, in all honesty, has been a bit of a late bloomer. While most other sectors within the Islamic finance industry has seen relative progress over the last few years; or at least been a topic of much debate and open discussion, the Takaful sector has been left behind. Despite efforts and encouraging results in some pockets in Southeast Asia – particularly Malaysia and in Pakistan – there has not seemed to be much movement overall.
A cross-sector view of the Takaful industry shows many hiccups still left to be ironed out in order to create significant impetus. For one, the question of a dearth of long-term paper for Takaful institutions to park their cash is still one of the top issues to be remedied. Apart from that, a lack of talent across a multitude of positions, as well as identifying the most effective marketing and distribution channels are amongst the few issues that need to be tackled to create growth.
In this issue of Islamic Finance news Supplements, we highlight the latest in the industry, discuss issues and contemplate possible solutions for the Takaful market; through features, interviews and chapters.